Analysts at Rabobank explain that the FOMC raised the target range for the federal funds rate by 25 bps to 1.50%-1.75% and there were no dissents, which is illustrative of the more hawkish composition of the FOMC in 2018.
“The median dot for 2018 has remained unchanged at three hikes, but the mean dot did increase. Only a one-dot move in June is now needed for four 2018 hikes.”
“The changes to the economic projections were objectively speaking relatively hawkish, but they did fell short of the ramped-up market expectations going into the meeting.”
“The press conference lacked a certain degree of depth and color.”